Friday, December 9, 2016

Morning Charts 12/09/2016 SPX /es

It begins - been warning about it for years. It was back in '09 when I began my pension failure rants,  - In Unprecedented Move, Dallas Pension System Suspends Withdrawals. And you wonder why they can't let the market fail? Here is one of the main reasons. What a F'd up situation we have here. Combine that with the debt and ... well, you get it. A no win situation however you look at it. Got gold?

On to the lie - 

It's a long story, just deal with it. It took a year, so this is the very brief technical culmination of 2016. Sad story for the bears, so I'll spare you the details. Thwarted at every turn sums it up nicely. The epic breakdown from (what I still contend was "the") the top in 2015 found support in early 2016 and the rally that should not have been was on. 

Rollover mania continues. It's one big ass rollover. It's a process and we should be nearing the end. In the chart below coming off the 1810 low of the year was the first (black) rising wedge. That wedge consisted of at least 4 documented rising wedges that we all saw and discussed. Each wedge's breakdown was thwarted by a Fed move or another form of manipulation leading each failure to morph into a new larger wedge formation. Then at the end of the black wedge, at failure, yet again they come up with another rally to thwart the technical top. Black wedge breakdown to key support, back up to backtest perfect technical failure, but instead of failing there - bam - the Trump rally. We saw (remember the blue triangle into rising black wedge support?) it happen, but noooooo. That continuation of the consolidation mode above 2120 (which was painfully discussed here as well) has led to the formation of the larger and less steep blue triangle/wedge. This blue formation is now overthrowing resistance. That overthrow combined with the horrific negative divergences from the monthly time frame down to the 5m is screaming top - like 'the' top again. 

More on this thought next week. I'm seriously back into considering calling 'the' top mode again. Note - I never did and am one of the last few remaining soldiers standing to not have done it. Yes I thought I missed it last year, but when dealing with Total Control and the threat of QE4 - you can't go aginst these bastards.

SPX Weekly

And all that culminates here - I've always contended that technicals would get it right in the end. Well, here is the final great wedge. It's STB "event" time.

SPX Monthly

Freedom watch - 

Well, cause you need to know - and most immportantly take the blinders off and believe in the dark side - where truth lies - Understanding Evil: From Globalism To Pizzagate

Christmas quote - 

"Do you know how long it takes a working man to save $5,000? Just remember this, Mr. Potter, that this rabble you're talking about... they do most of the working and paying and living and dying in this community. Well, is it too much to have them work and pay and live and die in a couple of decent rooms and a bath? Anyway, my father didn't think so. People were human beings to him. But to you, a warped, frustrated old man, they're cattle. Well in my book, my father died a much richer man than you'll ever be"

George Bailey 

'cattle or 'sheep' same thing. Bankers suck. 

More to come below. 

Have a good weekend. 

GL and GB!

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